Question Details

1. 
Please choose the following that best describes a performance appraisal. 
 A) A formal feedback process in which management asses the employees current contributions compared to the expected contributions for that position. 
 B) The process which employees learn new skills and knowledge to apply to their jobs. 
 C) The action of employing workers to fill vacancies with in organizations. 
 D) Manages hiring new employees, training and developing employees, and evaluation of employees all working in a way that best supports the accomplishment of the organization's goals. 

2. 
Marketing is a function a business performs to communicate and deliver value to customers about the business and its product(s). 
 A) True
 B) False

3. 
Please choose the following that best describes a business. 
 A) A business is a company where people sell products to consumers. 
 B) A business is anyone like Microsoft. 
 C) A business is an organization that provides services to customers. 
 D) A business is an organization of any size that provides goods or services to consumers to earn a profit.

4. 
Choose the best answer that describes a Balance Sheet. 
 A) A sheet that shows a company's assets at any given time. 
 B) A summary of a business's liabilities. 
 C) A summary of a business- financial position at any given time. It displays the business- assets or what they own, the business- liabilities or what they owe, and the owner- equity or the claim the owners have against the business- assets.
 D) A summary of a business- economic position at any given time. It displays the business- human resources department. 

5. 
Choose the best answer that describes Financial Planning. 
 A) Financial planning is when a company forecasts for the long and short term, sets budgets, and puts financial controls in place.
 B) Financial planning is an investment such as a stock, bond, or mutual fund.
 C) Financial planning is a system that businesses use to analyze, organize, and report on information about the financial transactions that affect the organization. 
 D) Financial planning a summary of a business- financial position at any given time.

6. 
Most organization- utilize and leverage the usability and advantages of IT options in their daily routines.
 A) True
 B) False

7. 
A marketing mix is a blend of marketing strategies for product, price, distribution, and promotion. Match each strategy with the correct description. 
A. Product Strategy 
B. Pricing Strategy 
C. Distribution Strategy 
D. Promotion Strategy 

  Product Strategy =  brand name, package design, customer service, and product image
  Promotion Strategy = adverting through word of mouth, internet, TV, radio, etc
 Pricing Strategy = competition, public opinion, and value
 Distribution Strategy = how to delivery products to the correct people, on time, in the right place 
8. 
Choose the best answer that describes Accounting. 
 A) A system that businesses use to account for where their money goes. 
 B) A system that businesses use to produce financial statements about monies that the businesses use. 
 C) A system that businesses use to pay and receive money. 
 D) A system that businesses use to analyze, organize, and report on information about the financial transactions that affect the organization. 

9. 
Small Businesses are owned by one or few people. 
 A) True
 B) False

10. 
Please match the Phase of the Product Lifecycle with it's correct number. 
A. Phase 1
B. Phase 2
C. Phase 3
D. Phase 4

 Phase IV = Service - Use, operate, maintain, support, sustain, phase-out, retire, recycle and disposal
 Phase II= Design - Describe, define, develop, test, analyze and validate
 Phase II =  Realize - Manufacture, make, build, procure, produce, sell and deliver
   Phase I = Conceive - Imagine, specify, plan, innovate
11. 
Owner's Equity is the claim owners have against the business's assets. 
 A) True
 B) False

12. 
Globalization keeps businesses from expanding their capacity for new consumers to global markets. 
 A) True
 B) False

13. 
Choose the best answer that describes Globalization. 
 A) Globalization is a process where economies, cultures, and societies are becoming integrated through the information technology that spans the globe. 
 B) Globalization is where people from China and the United States share culture. 
 C) Globalization is when a company forecasts for the long and short term, sets budgets, and puts financial controls in place.
 D) Globalization is an investment such as a stock, bond, or mutual fund. 

14. 
Please choose the following that best describes hiring. 
 A) The only responsibility of the Human Resources Department. 
 B) The process which employees learn new skills and knowledge to apply to their jobs. 
 C) The action of employing workers to fill vacancies with in organizations.
 D) The formal feedback process in which management asses the employees. 

15. 
What philosophy was developed to manage the entire life cycle of a product from its beginning, through design and manufacture, to service and disposal. 
 A) Product Lifecycle Management (PLM)
 B) Profit Lives Management (PLM)
 C) Product Life Metric (PLM)
 D) Produce Life Merchandise (PLM)

16. 
Assets are the resources owned by the business. 
 A) True
 B) False

17. 
Please explain why giving employees annual performance appraisals is important? 
  The performance appraisal helps the employer to recognize the areas in which the employees are performing very well and also the areas in which the employees require some kind of improvement. 
18. 
How does Globalization expand businesses? 
  Globalization is a process by which the organizations are able to able to export and import the products. They are also able to set up the businesses in the other countries around the world. With globalization, the market of the organizations increases to a very high extent as they are able to trade not only in the domestic territory but also in the foreign territory. In this way, it can be said the global does help in expanding the business. 
19. 
How has Information Technology (IT) affected the world of business? 
   Information technology has affected the world of business in a positive manner. With the help of information technology, the organizations today are able to make sure that they perform their activities in a quick manner. There is faster transmission of information and the safety of the information. There is software available in the market just because of information technology. Information technology has made the work of accounting, resource planning, supply management etc very easy and faster. 
20. 
Liabilities are what the business has in its resources, what it owns. 
 A) True
 B) False

21. 
Please choose the following that best describes an economy. 
 A) An open market where you can buy fruits and vegetables. 
 B) The stock exchange.
 C) Apart of business that affects supply and demand. 
 D) An economy is a financial structure of how the goods and services provided by businesses flow to society as a whole. 

22. 
Please choose all that apply: An entrepreneur is an individual who risks the following
 A) Time 
 B) Money
 C) Driving record
 D) College grades

23. 
Choose the best answer that describes an Income Statement. 
 A) A summary of a business- financial position at any given time. It displays the business- assets or what they own, the business- liabilities or what they owe, and the owner- equity or the claim the owners have against the business- assets. 
 B) A summary of a business- financial results over a given period of time. The income statement shows how much money a company has made or lost which is also called its Net Income. 
 C) A summary of a business's human resources department over a given period of time. 
 D) A summary of what a company has made or lost over a given period of time. 

24. 
Please match the following securities with it's defintion. 
A. Stock 
B. Bond 
C. Mutual Fund

 Bond : a corporate certificate that indicates a person has lent monies to a company. 
 Stock: shares of ownership in a company. 
 Mutual Fund: an organization that buys stocks and bonds and then sells portions of those securities to investors. 
25. 
Accounting is a system that businesses use to analyze, organize, and report on information about the financial transactions that affect the organization. Explain 2 benefits of accounting. 
  Accounting helps in ensuring that the business transactions are accurately reported. Accounting also helps in ensuring that up to date records and reports of various accounts of the organization such as bills receivables and bills payable are available. 
26. 
A security is an investment such as a stock, bond, or mutual fund. 
 A) True
 B) False

27. 
A product is NOT offered by a company to satisfy consumer's needs or wants. 
 A) True
 B) False

28. 
The economy is made up of two kinds of businesses or organizations: publicly owned and privately owned. Publicly owned - services and products are provided by the government or local authorities
 A) True
 B) False

29. 
Please fill in the blank to complete the correct Accounting equation. _____Assets_____ = Liabilities + Owner- Equity
 
30. 
Please fill in the blank to complete the correct Accounting equation. Revenue - ____Expenses_____ = Net Income. 
 
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